Ajinomoto : Presentation materials with script (Updated on May 20, 2022)

Ajinomoto Co., Inc. (2802)

Forecast for FY2022 (Ending March 31, 2023) and Initiatives for Enhancing Corporate Value

Taro Fujie

Representative Executive Officer,

President & Chief Executive Officer

May 11, 2022

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Contents

1. FY2021 Summary Results and FY2022 Forecast

1. Management Policies under the New Administration and Initiatives for Enhancing Corporate Value

Reference Material

Appendixes: Consolidated Results FY2021 (Ended March 31, 2022) FY2022 Forecast by Segment

Note: Business profit (consolidated) in this material:

Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures

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Today's Message

The environment surrounding our business is extremely challenging, with prices of raw materials and fuel currently soaring. However, profits increased in FY2021 and are expected to increase in FY2022 as well. While enhancing the value provided by our products and services, we will respond to these challenges through means including unit price increases, sales volume increases, and cost reductions to achieve sustainable growth.

Along with short-term measures, we will also continue with the growth strategy and medium- to long-term structural reform. Taking the soaring prices of raw materials and fuel as an opportunity, we will build a resilient business foundation for future growth.

The new administration began on April 1. To achieve our vision, we will enhance our medium- to long-term corporate value through "Purpose x Passion x Operational Excellence (OE)" and "Speed Up x Scale Up."

Copyright © 2022 Ajinomoto Co., Inc. All rights reserved

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Contents

1. FY2021 Summary Results and FY2022 Forecast

1. Management Policies under the New Administration and Initiatives for Enhancing Corporate Value

Reference Material

Appendixes: Consolidated Results FY2021 (Ended March 31, 2022) FY2022 Forecast by Segment

Note: Business profit (consolidated) in this material:

Sales - Cost of sales - Selling expenses, Research & development expenses and General & administrative expenses + Share of profit of associates and joint ventures

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I-1. Financial Results Digest

In FY2021 financial results, revenue increased by ¥77.9 billion and profit increased by ¥7.7 billion. Sales was ¥1,149.3 billion, the highest since we started using IFRS in FY2016. Business profit was ¥120.9 billion, setting a record high for the third year in a row.

The forecast for FY2022 is a revenue increase of ¥160.6 billion and a profit increase of ¥3.0 billion. Amid an environment made challenging by substantial increases in prices for raw materials and fuel, profits are expected to increase due to increased unit prices, greater sales volume, etc.

ROIC in FY2021 was 7.9%. In FY2022, we will achieve our Medium-Term Management Plan (MTP) target of 8%.

Operating cash flow in FY2021 was ¥145.5 billion. Despite some currency translation effects, progress is being made at a pace that will give us greater than the ¥400 billion planned for FY2020-2022.

In shareholder returns, we have decided to increase the dividend further (interim forecast: ¥48 ⇒ FY2021 actual: ¥52). An increased dividend is planned for FY2022 as well (¥58).

Copyright © 2022 Ajinomoto Co., Inc. All rights reserved

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